The Ethereum price (ETH/USD) is currently testing the descending bearish trend line at $2,360.00. This resistance level is reinforced by the 50-period Exponential Moving Average (EMA50), while the stochastic indicator shows clear negative signals.
Given these conditions, a bearish outlook is anticipated in the upcoming sessions. The price is expected to resume its downward trend, with initial targets at $2,168.74, followed by $2,000.00. However, if the price breaks above $2,360.00, it could potentially rise further and test the $2,623.77 level before making any new attempts at a decline.
The expected trading range for today is between the support level at $2,200.00 and the resistance level at $2,440.00.
Trend Forecast: Bearish
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